An easier trend persisted on the money market on Thursday as the rupee continued decline against the dollar in process of trading activity, marketmen said. The rupee lost about Rs 2.00 for buying and selling at Rs 164.00 and Rs 164.25, they said.
In the fourth Asian trade, the dollar hovered near a one-week high against the yen on Thursday, propped up by hopes of Sino-US trade talk progress though investors were nonetheless cautious ahead of a meeting between leaders of the two powers in Japan in days ahead.
The greenback was little changed at 107.730 yen, having risen about 0.6% overnight to 107.850 yen, its highest since June 20. The US currency was supported by comments from US Treasury Secretary Steven Mnuchin that the trade deal between the United States and China is
The dollar index against a basket of six major currencies was a touch lower at 96.196 after rising modestly the previous day.
The index had retreated to a three-month low of 95.843 at the start of the week amid the Fed's easing prospects. But it has managed to regain some traction after comments this week from central bank officials such as Chair Jerome Powell that tapered aggressive rate cut expectations.
The dollar was trading against the Indian rupee at Rs 69.233, the greenback was at 4.150 versus the Malaysian ringgit and US currency was at 6.879 in relation to the Chinese yuan.
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Open Bid Rs.162.50
Open Offer Rs.163.50
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Bid Rate Rs.164.00
Offer Rate Rs.164.25
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The short supply phenomenon of the US dollar prevailed for the second consecutive day in the market which helped its further significant appreciation for buying and selling at Rs 162.00 and Rs 163.50 against the overnight closing trend of Rs 161.10 and Rs 162.50 respectively, local currency dealers said.
Likewise, the rupee also followed the same suit for the third consecutive day against the pound sterling. The pound's buying and selling rates further improved from the Wednesday's closing of Rs 202.10 and Rs 204.00 to Rs 204.00 and Rs 206.00 respectively, they added.
The dollar opened at Rs 164.50 (buying) and Rs 164.60 (selling) against last rate of Rs 162.50 (buying) and Rs 162.60 (selling). It closed at Rs 164.50 (buying) and Rs 164.60 (selling).
The buying and selling rates of one tola of gold was Rs 83,310 (selling) and Rs 83,000 (buying) in the local Sarafa (gold) markets of Rawalpindi and Islamabad.